The Best and Cheapest Renters Insurance in Hawaii for 2021: Rankings, Reviews and Rates
Renters insurance in Hawaii can protect your personal property from damages or theft at an affordable price. MoneyGeek’s data shows that the best cheap renters insurance in Hawaii can cost $8 per month for the least expensive coverage versus $13 per month for the most expensive option. Taking the time to compare quotes may help renters save up to $50 per year. The average cost of renters insurance in Hawaii is $10 per month.
To find the best coverage at a cheap rate, MoneyGeek scored the leading renters insurance companies throughout Hawaii. Our scoring system analyzed the affordability, customer support quality and financial strength of each carrier to help you choose the best option.
Hawaii can be pricey, so finding cheap renters insurance in Hawaii may be a priority for anyone searching for coverage. The most affordable provider in Hawaii is State Farm. On average, State Farm charges average rates of $8 per month or $100 a year. In second place is Allstate, offering slightly higher prices of $9 per month or $102 annually.
MoneyGeek calculated the average costs of each renters insurance company based on prices from multiple localities across Hawaii. These rates are for a basic policy that includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Hawaii
Price isn’t the only factor you should consider when choosing an insurance company. Ideally, you should try to choose a provider that has excellent customer service so if you ever need to file a claim, the process will be hassle-free.
MoneyGeek ranked the best renters insurance in Hawaii based on price, AM Best’s financial stability ratings and J.D. Power’s customer service scores. Our findings revealed that State Farm is the leading renters insurance provider in the state with a score of 95 out of 100. Allstate places second with a score of 71.
More About State Farm
State Farm's add-on options include earthquake coverage, identity restoration and additional liability coverage.
State Farm offers helpful resources on renters insurance if you want to learn more about coverage, maintaining a safe home and more.
More About Allstate
With Allstate, you can get attractive discounts for safety devices and bundling policies. The company also provides round the clock claims support via phone and has solid financial strength ratings.
Signing up for an Easy Pay Plan to have your payment automatically withdrawn from your bank account can make sure you never miss a payment and earn you up to 5% in savings.
Largest Renters Insurance Companies in Hawaii
The largest insurance providers in Hawaii based on market share are State Farm (31%), Heritage (13%), Tokio Marine Holdings (10%), USAA (7%) and Allstate (6%). These carriers account for roughly 66% of the renters insurance policies in the state.
It can be beneficial to buy your policy from a large company since it might have the financial stability to make claim reimbursements more easily.
First Insurance Company of Hawaii
DONGBU INS GRP
Island Insurance Group
RLI INS GRP
Average Cost of Renters Insurance in Hawaii
renters insurance is equal to the average.
Renters insurance is relatively cheap in Hawaii compared to the average national rate. In Hawaii, the average cost is $101 per year. This is $58 less than the U.S. average. These rates are for a customer with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
To save money, you should compare renters insurance quotes from multiple companies and find the cheapest policy for your needs. For example, our sample renter could save $50 per year by choosing State Farm, the cheapest provider in Hawaii, instead of First Insurance Company of Hawaii, the most expensive provider. This equals about $4 per month in savings.
What Factors Impact Renters Insurance Cost in Hawaii
Many factors determine your renters insurance premium in Hawaii, including where you live, your deductible and more. It’s important to remember these criteria when shopping for coverage.
Location: Your ZIP code can impact your rates. This is because factors like extreme weather events or high crime rates are riskier to insure and may increase your costs.
Coverage amount: The more add-on insurance you buy, the higher your premium will be. It’s a good idea to do a home inventory so you can decide which valuables to cover.
Deductible: You need to pay a deductible to get your claim processed. To get a higher payout for your claim, you should select a policy with a low deductible. However, lower deductibles will cause your premium to go up.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): You can buy an ACV or RCV policy depending on how you want your assets to be priced if you file a claim. An ACV policy takes into account that your property loses value over time, so you’ll receive less reimbursement for old items. An RCV plan will pay for a new product of the same type and quality. If you want higher compensation for your claim, you should select the costlier RCV package.
Credit Score: While credit scores may impact prices in other states, Hawaii doesn’t allow insurance companies to use consumers' credit ratings to determine their premium.
Renters Insurance in Hawaii: What You Need to Know
Renters insurance in Hawaii is a great way to protect your possessions from unexpected disasters.
The average rental rate in Hawaii is $1,651 per month. Roughly 37% of the state’s population are renters. For a basic renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly price is $8. This equates to 0.5% of the monthly rental cost.
What Renters Insurance Typically Covers in Hawaii
It’s good to know what your renters insurance policy does and does not cover. Basic coverage includes personal property, liability insurance, medical payments and additional living expenses.
In Hawaii, personal property insurance typically covers damages caused by extreme events like windstorms or lightning.
What Renters Insurance Typically Does Not Cover in Hawaii
Renters insurance coverage in Hawaii generally excludes the following situations:
Flooding: Flooding due to natural disasters is excluded. Since flash floods can occur in Hawaii, it’s advisable to get coverage by purchasing flood insurance through the National Flood Insurance Program (NFIP).
Earthquake Damage: You may want to buy extra coverage for possible earthquake damage because it is not included in your policy.
Structural Damage: Your renters insurance will not cover structural damage. It’s your landlord’s responsibility to buy additional coverage for their property’s structure.
Roommate Property: While your policy covers your property, it won’t cover your roommate’s belongings. They need to get their own insurance.
Expensive Items: Valuables are not included. However, they can be covered through an additional rider.
It's a good idea to learn what your renters insurance policy covers and excludes so you know what to expect if you ever need to file a claim.
FAQs About Renters Insurance in Hawaii
Hawaii State law does not mandate that tenants need to have renters insurance. That said, you should be prepared for your landlord to require you to purchase a policy.
MoneyGeek recommends that you buy renters insurance since premiums are relatively cheap and can protect your property.
Yes, your landlord has the right to require you to purchase renters insurance to lease their property.
MoneyGeek’s research indicates that State Farm and Allstate are the two cheapest renters insurance carriers in the state.
Renters Insurance in Hawaii Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Hawaii that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Hawaii. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About the Author
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